Iraqi PM stresses need for Regional Reconciliation
By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi PM stresses need for regional reconciliation at summit in Jordan Iraqi Prime Minister Mohammed Shia al-Sudani attended the second round of the Baghdad conference today in Jordan and expressed Iraq's […]
Iraq Anti-Corruption drive led to "Torture and Extortion"
By Louisa Loveluck and Mustafa Salim, for The Washington Post. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. A U.S. ally in Iraq vowed to tackle corruption. Torture and extortion followed. A flagship anti-corruption drive under the tenure of U.S.-backed Iraqi Prime Minister […]
Iraq to open First 7-Star Hotel
IRAQ IS ABOUT TO OPEN ITS FIRST 5-7 STARS HOTEL IN 40+ YEARS It can be said that one of the most important reasons for the reluctance of the process of economic and social development in Iraq over the past decades is the weakness or absence of investment in both the public and private sectors. […]
GKP Production towards Lower End of Guidance
By John Lee. Share in Gulf Keystone Petroleum (GKP) were trading down around 3 percent on Monday as the company said that production for 2022 would be towards the lower end of its guidance range. Jon Harris, Gulf Keystone's Chief Executive Officer, said: "Our leverage to strong oil prices, low-cost production base and focus on […]
Iraq promotes Iranian participation in Oil Projects
By John Lee. The Iraqi Ministry of Oil has reportedly issued a circular to" all Iraqi companies" announcing the readiness of Iranian specialized companies to participate in Iraq's oil and gas projects. Shana, the news agency of the Iranian Ministry of Petroleum, linked this to a joint working group between the two countries' oil ministries, […]
IOM, Finland supporting Economic Recovery in Iraq
IOM, Finland to support local economic recovery for women and conflict-affected populations in Iraq In the face of Iraq's deepening financial crisis, the International Organization for Migration (IOM) in Iraq and the Government of Finland launched a EUR 2,000,000 project to support displacement-affected individuals whose businesses were destroyed or severely damaged by the conflict with […]
Iraq to build its Largest Train Station
By John Lee. Iraq is reportedly planning to build its largest train station. According to Zawya, the new facility in Mosul will replace the old station, dating from 1935, which was badly damaged in the war against the so-called Islamic State (IS, daesh). It adds that the government has already approved the building of a […]
Basrah Gas Company invests $87m to reduce Gas Flaring
By John Lee. Basrah Gas Company (BGC) has obtained endorsement from its shareholders to gather and process an additional 80 mmscf/d of the flared gas. On the 30th of November 2022, BGC's shareholders (South Gas Company 51%, Shell 44% and Mitsubishi 5%) signed the Final Development Decision (FDD), at the Higher Management Committee meeting, to […]
Germany funds Desalination Project in Muthanna
By John Lee. Iraq's Minister of Construction has signed a grant agreement to finance the Al-Khader and Al-Daraji water desalination project in Al-Muthanna Governorate Mr. Benkin Rikani [Bangin Rekani] signed the agreement with the Director of the German Development Bank KFW, Dr. Anna-Christine Janke, and the grant will be provided by the German Ministry of […]
Fitch Rates Iraq's Gulf Commercial Bank 'CCC+'
By John Lee. Fitch Ratings has assigned the Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "weak franchise and unstable business model, operations in the highly volatile operating environment of Iraq, a high impaired loans ratio (which is […]
New App allows Iraqis to trade US-Listed Stocks
By John Lee. Ishtar Gate Company for E-Payment Systems and Services, an Iraq-based fintech company, has reportedly released an app that allows users to trade US-listed stocks via a mobile app called Bluepay. According to Newsfile, the company was recently approved by the Central Bank in Iraq (CBI) as the "first and only company to […]
UNICEF donates $2.5m PPE to Kurdistan
UNICEF donates personal protective equipment worth over $2.5 million to the Ministry of Health of the KRI UNICEF has handed over personal protective equipment (PPE) worth $2.5 million to the Ministry of Health. The ceremony was held in the presence of the Minister of Health of the Kurdistan Region Government, Dr. Saman H. Barzangy, and […]